February 7, 2023

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US stock futures rose after the Dow broke, the S&P 500 slipped for three days

US stock futures rose after the Dow broke, the S&P 500 slipped for three days

US stock futures rose Thursday morning after all three major averages closed higher during the daily trading session.

Dow Jones Industrial Average futures rose 220 points, or 0.67%. S&P 500 and Nasdaq 100 futures rose 0.88% and 0.97%, respectively. Nvidia shares fell more than 2% following a quarterly report Missed Wall Street predictions. Salesforce declined More than 4% after the company Made disappointing predictions FY 2023. Snowflake jump 16% after Spread the beat on revenue.

The Dow Jones Industrial Average rose 59.64 points, or 0.18%, and the S&P 500 gained 0.29% on Wednesday. For both averages, the Gains cut long losing streaks for three days. The heavy Nasdaq Composite was also up 0.41%.

The market action is happening as investors await the start of the Jackson Hole Economic Symposium, which begins Thursday, and Federal Reserve Chairman Jerome Powell is scheduled to speak the next morning. Traders will hear more information about how the central bank is fighting high inflation and whether policy makers may cut interest rates when the current hiking cycle ends.

“It’s firm as it is, it’s too early for the Fed to think about the pivot,” Jim Bianco, president of Bianco Research, said on CNBC.quick money. “

Investors are also awaiting key economic reports due later in the week, including jobless claims on Thursday and personal consumption expenditures on Friday. The personal consumption expenditures report is one of the Fed’s favorite inflation measures, and it could influence its actions going forward.

Peloton announces its quarterly earnings Thursday before the bell, along with Gap, Dollar Tree and Dollar General. Ulta Beauty, Workday and Affirm Holdings will release their own results after markets close on Thursday.

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